Hello,
I closed my LLC (taxed as S-corp) on June 1st 2021 and incorporated a new company (taxed as S-corp) on June 11th 2021. Both S-corps have different EINs. I read through the following posts on the forum:
https://ttlc.intuit.com/community/business-taxes/discussion/transfer-of-assets-from-proprietorship-t...
https://ttlc.intuit.com/community/business-taxes/discussion/i-have-a-single-member-llc-that-transiti...
Based on the aforementioned posts, it seems like I will need to close my LLC (report final return) for 2021 via 1120-S. Then get corresponding K-1. When i close I need to mark all assets as removed for personal use. Then use the form 4652's that are generated and then file 2021 return for my new S-Corp (form 1120-S) and add all those assets back in.
However, in TT business 2021 when I try to dispose the asset, the only options I see are: sold, stolen, a casualty loss, given away, disposed of by some other means. I selected disposed off as some other means and in the generated form 4562 I see the "code" column marked as S which stands for sold per the legend on the form. There is no option for special handling and removed for personal use as mentioned in the posts above. Is it fine to have the form 4562 code be S in my case?
Thanks in advance for any help!
